Bank of America Corporation (NYSE:BAC) Stake Lowered by Tyche Wealth Partners LLC

by · The Cerbat Gem

Tyche Wealth Partners LLC cut its stake in Bank of America Corporation (NYSE:BAC – Free Report) by 5.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,871 shares of the financial services provider’s stock after selling 723 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Bank of America were worth $537,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of Bank of America by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 142,289,199 shares of the financial services provider’s stock worth $6,243,000,000 after purchasing an additional 2,033,229 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Bank of America by 10.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 122,437,422 shares of the financial services provider’s stock valued at $5,381,126,000 after acquiring an additional 11,691,451 shares during the last quarter. Norges Bank bought a new stake in Bank of America in the fourth quarter worth approximately $5,226,989,000. Capital World Investors raised its holdings in shares of Bank of America by 23.9% during the 4th quarter. Capital World Investors now owns 88,210,527 shares of the financial services provider’s stock valued at $3,876,853,000 after purchasing an additional 17,031,143 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Bank of America by 17.2% during the 4th quarter. Northern Trust Corp now owns 67,935,940 shares of the financial services provider’s stock valued at $2,985,785,000 after purchasing an additional 9,980,859 shares in the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on BAC. Keefe, Bruyette & Woods lowered their target price on shares of Bank of America from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on Bank of America from $49.50 to $43.50 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Cfra Research upped their target price on Bank of America to $47.00 and gave the stock a “buy” rating in a research report on Wednesday, April 16th. Royal Bank Of Canada dropped their price target on shares of Bank of America from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Finally, Phillip Securities raised shares of Bank of America from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Read Our Latest Analysis on Bank of America

Bank of America Stock Performance

Shares of NYSE:BAC opened at $46.66 on Wednesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.79 and a quick ratio of 0.78. The business’s fifty day moving average price is $42.72 and its two-hundred day moving average price is $43.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The stock has a market capitalization of $351.46 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.30.

Bank of America (NYSE:BAC – Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.10. The business had revenue of $27.37 billion for the quarter, compared to analyst estimates of $26.83 billion. Bank of America had a net margin of 14.56% and a return on equity of 10.25%. As a group, analysts predict that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, June 6th. Bank of America’s payout ratio is 30.95%.

About Bank of America

(Free Report)

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.

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